Embattled Asian crypto lender Vauld says it “respectfully disagrees” with the recent freezing of some of its assets by Indian authorities, the company said in a news release on Saturday.
CoinCu News report previously reported that the assets of the company worth 3.7 billion rupees ($46 million) had been frozen by India’s Enforcement Directorate (ED). The asset freeze, according to the financial crimes investigator, was related to a money laundering investigation.
According to Vauld’s statement, the crypto lender had received and complied with the ED summons to give investigators specific documents. It further stated that the account in question belonged to a platform user who had previously used the service but whose account has since been deactivated. Vauld expressed dissatisfaction at the enforcement action and added that it adheres to strong client identification processes.
“We are seeking legal advice on our best course of action in order to protect the interests of the company, its customers, and all the stakeholders. We have fully cooperated with the Enforcement Directorate and will continue to extend our cooperation to ensure we continue to remain a safe place for customers to transact and own cryptocurrencies,” announcement said.
Crypto lenders now experiencing a liquidity difficulty is Vauld
The business stopped allowing customer withdrawals in July and still owes its debtors $402 million. In order to find a way to go forward with solving its financial issues, the cryptocurrency lender has been granted a three-month moratorium by a Singapore High Court.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews